I am currently working 3 part-time jobs. For two of the positions, I am 1099 and hold similar job roles & duties. I also work part-time with a company as a W-2 Employee. I am wondering about the best practice for filing quarterly taxes. Do I just consider my 1099 positions? I have made roughly $25,000 just in 1099 this year.
I keep track of my 1099 income and estimated taxes owed in a spreadsheet, along with my expenses which I track separately. I know the form I am supposed to use to estimate these numbers, but I feel nervous. I have not yet filed quarterly this year so I know I need to do so at the upcoming quarterly due date for all previous quarters. What if with my expenses I owe nothing according to the calculations? Is that ok? Can I file quarterly on Turbo Tax?
To make a Long Story Short, you should assign to Estimated Tax Payments about 15.3% of your Self-Employment Earnings, SECA), but there is more.
In addition you will owe Income Tax and Social Security and Medicare Taxes on your other income, as applicable.
Should you actually overpay your taxes, you will get a refund, however, should you underpay your taxes, in addition to the money that you already owe, you will be hit with penalties and interests.
IRS 2024 Tax Rate Schedules
You can have a more accurate calculation using a Tax Calculator where you can input the other circumstances surrounding your next year tax filing obligations.
Tax Calculator 2023
Lastly, below are the Estimated Taxes Deadlines:
1. April 15th
2. June 15th
3. September 15th
4. January 15th
When to Pay Estimated Tax
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To make a Long Story Short, you should assign to Estimated Tax Payments about 15.3% of your Self-Employment Earnings, SECA), but there is more.
In addition you will owe Income Tax and Social Security and Medicare Taxes on your other income, as applicable.
Should you actually overpay your taxes, you will get a refund, however, should you underpay your taxes, in addition to the money that you already owe, you will be hit with penalties and interests.
IRS 2024 Tax Rate Schedules
You can have a more accurate calculation using a Tax Calculator where you can input the other circumstances surrounding your next year tax filing obligations.
Tax Calculator 2023
Lastly, below are the Estimated Taxes Deadlines:
1. April 15th
2. June 15th
3. September 15th
4. January 15th
When to Pay Estimated Tax
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Thank you! That is surely helpful. Quick add-on question: For my "income" am I including the W-2 income or JUST 1099 when filing quarterly?